商务英语 — term sheet：签了清单，还没交割
term sheet 是条款清单。signed 不是 closed，closed 也不等于钱已经能付供应商。
作者：天使投资人雷欧
释义
term sheet：条款清单。上面可以有金额和估值目标，也可以写明最终文件签署前仍可修改。
DeepSeek这篇应说：a signed term sheet, details still subject to change。不要说 the round has closed。
月之暗面那篇的私募被写成 has completed，IPO被写成 still under discussion。两句不能合成 the listing is done。
例句
A signed term sheet is not cash in the account.
Do not quote ARR unless the definition of recurring revenue is in the same sentence.
Selecting underwriters is not the same as passing a listing hearing.
- ✓ closing：交割
- ✓ proceeds：到账后的募集资金
- ✓ subject to change：仍可能变化
- ✓ underwriter：承销商
点评
路演英文页如果只有 term sheet 的金额，投资人下一问就是 conditions to closing。答不出，金额先收回去。
练习
把这句写成英文：已签署条款清单，最终磋商中细节仍可能变化，公司未回复。
参考：The report says a term sheet has been signed and the details may still change. The company had not responded.
今天就能做的一件事
英文一页纸上，金额后面加三个词里的一个：signed、closed、received。对不上报道用词的，改回报道里的动词。
署名与免责
天使投资人雷欧。用语示例，不构成投资建议。© 2026 雷欧资本圈
常见问题
term sheet 和 closing 有什么差别？
term sheet 记下双方打算怎么投。closing 是交割条件满足、股权和资金按约定交收。报道写 signed term sheet，不能译成钱已到账。
信息来源与核实边界
- 凤凰网：条款清单仍可能变化